It has been an incredibly fascinating market recently, unlike anything we have seen in a long time. We are witnessing record-low levels of housing stock coupled with high buyer demand, resulting in continued price increases favoring sellers over the past few months.
Surprisingly, despite 12 interest rate rises in the last 14 months, buyer demand remains strong. This can be attributed to increased immigration since the reopening of our borders and the ongoing rental crisis. Many renters are opting to enter the homeowner market instead of struggling to find affordable rentals with escalating rent prices.
Due to the more stringent legislation and the challenges associated with having full-time tenants, many landlords have decided to sell their investment properties. Consequently, a significant number of properties coming to the market in late 2023 will be ex-rental properties. These properties will be owned by individuals who are financially motivated to accept the prevailing market conditions, thereby normalizing pricing as more stock becomes available.
However, it is important to consider that these properties may not be as well-maintained or ideally located, and they may require additional repairs or renovations. This aspect should be taken into account, especially by families looking for a suitable home.
In the upcoming market, it will be crucial to seek assistance to navigate through potential purchases and avoid making costly mistakes. Engaging a buyer’s agent can provide valuable support by granting access to off-market and pre-campaign properties while helping you steer clear of unfavorable choices.
By leveraging the expertise and guidance of a buyer’s agent, you can enhance your chances of finding a good property in this dynamic market while minimizing risks and maximizing opportunities.
